China State Construction Seeks $813 Million in Rights IssueBy
China State Construction International Holdings Ltd. plans to raise HK$6.36 billion ($813 million) from a rights issue for business expansion and general working capital.
The company plans to issue 561 million rights shares on the basis of one rights share for every eight existing shares, it said in a statement to the Hong Kong stock exchange. The subscription price is at HK$11.33 per rights share, about an 8.4 percent discount to the theoretical ex-rights price of HK$12.37, according to the statement.
After starting its construction business in Hong Kong in 1979, the company has undertaken projects including public housing, hospitals and airport passenger terminal building, according to its website. In the six months through June, it reported a net income of HK$2.49 billion on revenue of almost HK$23 billion.